——–Says agric sector can enhance welfare of local farmers
Chairman, Board of Directors, Union Bank of Nigeria, Mr. Farouk Gumel has praised the strength, ingenuity, and resilience of the financial services sector which according to him has transformed Nigeria’s inefficient and analog financial services sector into a world-class system.
He also emphasized how the rapidly expanding agricultural sector in Nigeria has the potential to grow exponentially and contribute not just to the advancement of the Nigerian economy, but also to the welfare of the local farmers who form a large percentage of the unbanked.
This is even as he said that this development has made it exceptionally easy for our local elites to bank globally and for global elites to the bank in Nigeria.
Gumel who delivered the keynote address that formed part of the theme for the 15th Annual Banking and Finance Conference tagged “Repositioning the Financial Services Industry for an Evolving Global Context”, said as we strive to retain our position as industry leaders in a world stage, we must ensure to not lose sight of the local element.
“When we remember where we come from locally, we will be better equipped for where we want to be globally.” He said.
He noted that this can be achieved by adapting products and services to meet the needs of customers – wherever they may be.
He highlighted how Union Bank in its 105-year history continues to support the Nigerian farmer and pointed out that the recent integration with the parent TGI group has further opened up more opportunities for the bank to leverage international partnerships to service the rural economy.
“At Union Bank, we are pursuing a range of strategic partnerships to build on the best of what we do here in Nigeria with the skills and resources abroad that can help us and our partners to grow. We do not seek to reinvent the wheel, we are looking to build on the best of what we have and provide support for a constituency that has the capacity to do so much more.
“We will do what we do best locally and then work with trusted international partners to deliver in the ECOWAS region, across Africa, and around the world,” he said.
The two-day event, hosted by the Chartered Institute of Bankers of Nigeria (CIBN), began on September 13, 2022, and is being attended by dignitaries including President Muhammadu Buhari, who was represented by the Minister of Finance Mrs. Zainab Ahmed, the Governor of Lagos State, represented by the Commissioner of Finance, Doctor Rabiu Olowo and other dignitaries.
